A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer.
Demand represents the economic expression of the desire and the ability to pay for goods and services. It is distinct from mere need or desire as it encapsulates the willingness to exchange value for varying amounts of goods or services, depending on the price asked.
Income Elasticity of Demand measures the extent to which the demand for a good is affected by a change in income. High elasticity indicates luxury goods, while low elasticity points to necessities.
A normal good is a type of good for which demand increases as consumer income increases, holding all other factors constant. This inverse relationship between income and demand exemplifies how purchasing power influences consumer behavior.
Unitary elasticity refers to a situation in economics where a change in the market price of a good results in no change in the total amount spent for the good within the market.
